A budget is a
spending plan. The money plan contains two main parts. The two main parts are income and
Income and Expenses
Your expenses are a list of what you spent your money on. It is the money you have to
spend. Your income is the money you earn. In other words, that is your allowance you
earn from chores. You should plan out a spending plan so that you won't go broke by just
buying stuff that you dont even need.
Wants and Needs
There is a difference between
needs and wants. You should always buy your needs before you buy your wants. A need could
be you need some food. But a want could be a movie ticket or a really cool video game you
saw at the store. Some kids have a money plan and they buy Playstation equipment
electronics or Food and stuff at the mall.
Einstein School's ThinkQuest Team
Created: March 7, 2001 Updated: 03/14/01
Schaumburg School District 54